1214 Eutaw Pl
Baltimore, MD 21217
Bolton Hill Gateway · Multifamily Property For Sale · 20 Units

Rehab this 23,000 sq.ft. former mansion, ideally located in Historic Bolton Hill, just one block from State Center, the Baltimore Subway and Light Rail, into 20 or more apartments. Zoning allows 20 units on this site as of right; it is possible to obtain approval for more units. Built in 1880 as two private mansion homes, the buildings were converted into the Baltimore Ear, Nose and Throat Hospital many years ago, and most recently used as a long-term nursing care facility. The property has been vacant for more than 10 years. The interior is largely gutted. Most plaster walls have been removed, exposing original brick. Many floors boards have been removed, leaving the joists exposed. This offers an attractive pallet on which to design and build apartments that combine modern amenities with grand ceiling heights, large windows, and the grand staircases of older historic properties. Because the structure is located in an historic district and contributes to the history of the neighborhood, the renovation is subject to CHAP approval and potentially qualifies for (a) federal historic rehabilitation tax credits that return 20% of every dollar spent on construction costs, and (b) a freeze for 10 years on the Baltimore City Property Taxes. The current property tax assessment is for $428,500 resulting in an annual property tax bill of just over $10,000. The floor plans (see attachments) were drawn in 2009. These plans need to be updated to comply with current building codes. The parking requirements in Baltimore’s new zoning code require parking only to the extent that it is feasible and does not disrupt the historic character of the Property. It may be possible to obtain approval from the Board of Municipal Zoning Appeals (BMZA) for more than 20 apartments. State Center Development (one block to the south of this property) is changing because the previous iteration was not financially sustainable (https://www.statecenter.org/). Given the massive (28 acre) and strategically desirable site (at the junction of the subway, the light rail, and easy connection to I-95 and I-83), the next iteration is sure to be in the near future. The Bolton Hill Community is one of the strongest neighborhoods in Baltimore City (http://boltonhill.org/) and MICA (The Maryland Institute College of Art https://www.mica.edu/ ) is among the top-5 art institutions in the United States, adding institutional strength and stability to this desirable location. Many properties needing complete rehab in Baltimore’s popular historic neighborhoods sell for $50-$60 per square foot. Developers can see value in this offering at only $43 per square foot of building area. The terrace level, with 9-foot ceiling heights and at grade rear entrances, offers usable and rentable area to this project.